Lothian, Borders
Bob Jamieson, Chief Executive | area_served = Scotland | members = 65,074 (2008) | industry = Retail Pharmacy Funerals Post offices Filling stations | products = | revenue = £122 million (2008) | operating_income = £4 million (2008) | net_income = £3.5 million (2008) | num_employees = 1,234 (2008) | parent = | subsid = | homepage = www.lothianco-op.co.uk | footnotes = }} Lothian, Borders & Angus Co-operative Society Limited (Lothian Co-op), founded in 1839 in the Scottish Borders, is the oldest consumer co-operative in Scotland. It operates over 50 food stores in the south and east, as well as some other retail businesses, and funeral services. Lothian Co-op is owned by 65,000 consumer members on a one member one vote basis. On the 19 August 2008, the board of the society agreed to propose the transfer of the society's engagements to the much larger Co-operative Group. The proposed transfer will be considered by Lothian Borders & Angus members at a series of meetings in the autumn and only with a majority of the membership in favour of the proposal will the transfer go ahead. History Lothian Co-op is the direct successor of nineteenth and early twentieth century consumer co-operatives in its trading area, the oldest being in the border towns of Galashiels and Hawick. The Galashiels co-operative was formed by a mill workers' association that was already operating along similar lines. The Hawick and Galashiels co-operatives were formed in 1839, five years before the Rochdale Pioneers shop opened in England. Therefore Lothian Co-op is probably the oldest continuously trading consumer co-operative in Scotland. Clydebank–1881 http://www.theclydebankstory.com/image.php?inum=TCSM00016; Scotmid–1859 http://www.scotmid.com/depts/aboutus/history.php Through 1991, the Galashiels co-operative expanded through mergers to serve the Scottish Borders and Dumfries and Galloway regions. In 1992, Border Regional Co-operative Society merged with East Lothian Co-operative Society (based in Tranent), becoming Lothian and Borders Co-operative Society. In 1998, it absorbed East Angus Co-operative Society of Arbroath, taking its current name and structure. (as of 2008) In the early 21st century, growth continued through new construction and acquisitions from other grocers. New construction included a supermarket in Castle Douglas, and purchases included a former SPAR store in North Berwick, a filling station in Lauder, and, notably, nine convenience stores sold by Somerfield in 2006, Lothian Co-op's first operation in Aberdeenshire. Operations Lothian Co-op is a regional co-operative, formed by the gradual amalgamation of numerous local co-operatives. Operating 52 food stores in southern and eastern Scotland, as well as pharmacies, funeral services, post offices, petrol stations, and a furnishings store in Selkirk, it is the smaller of Scotland's two regional consumer co-operatives, the larger being Scotmid, and one of four altogether. Lothian Co-op is a member (customer owner) of The Co-operative Group, sourcing its food through a UK-wide buying programme called the Co-operative Retail Trading Group.) Since 2006, it has bought home furnishings stock through the Anglia Buying Group, a national buying programme operated by Anglia Regional Co-operative Society. Chief executive Bob Jamieson has served as a director of The Co-operative Group since 2005. Like most retail consumers' co-operatives in the UK, Lothian Co-op is incorporated as an Industrial and Provident Society, regulated by the Financial Services Authority. As of 2008, smaller regional co-op in Scotland by number of shops (129 versus 52). Making up the four are Clydebank Co-operative Society and The Co-operative Group Ownership and governance Lothian Co-op is owned by 65,000 consumer members, who have invested in equity shares, with share balances averaging £12 each, and earning 3% interest per year. As of 2008, it does not pay a patronage dividend to members, though each year around £90,000 of profits is distributed to local causes as “Community Dividend Grants”, and taxable profit is re-invested in the business. A voluntary president and board of directors are elected from among the members holding at least four shares, on a one member one vote basis; the board supervises the chief executive and management. Like many UK listed companies and co-operatives, the board has an audit sub-committee responsible for internal controls, following the 1999 Turnbull Report. References External links * History at Lothian Co-op website — including a family tree showing the foundations and mergers of all predecessor co-operatives * Annual reports and financial statements * Co-op unveils £5m store proposal — construction in Castle Douglas, BBC News * Co-op Travelcare in Scottish move (2000) * Tranent – Coal, Co-op & Community — online exhibition of East Lothian Co-operative Society, by East Lothian Council Museums Service Category:Consumer Co-operatives of the United Kingdom Category:Retailers of the United Kingdom Category:Companies of Scotland Co-operative Society, Lothian, Borders & Angus Co-operative Society, Lothian, Borders & Angus Co-operative Society, Lothian, Borders & Angus Co-operative Society, Lothian, Borders & Angus Co-operative Society, Lothian, Borders & Angus Category:1839 establishments